NSC Investment Doubt - Help
This query is : Resolved
06 May 2011
1) Mr. X is has to pay a Tax Liability of Rs. 5000, but he wants to save it by purchasing NSC. What is the amount of NSC to be purchased to save a tax of Rs. 5000?
Also if he purchases them in February 11 will how much interest deduction will he get for F.Y 10-11?
2) Mr. Y purchases NSC worth Rs. 25000. Will he get deduction of the NSC purchased or only the deduction of Interest earned on NSC is allowed?
Please Help
Thank You
Also if he purchases them in February 11 will how much interest deduction will he get for F.Y 10-11?
2) Mr. Y purchases NSC worth Rs. 25000. Will he get deduction of the NSC purchased or only the deduction of Interest earned on NSC is allowed?
Please Help
Thank You
CA Navin Jain
(Expert)
06 May 2011
First, interest on nsc to be added in total income then allowed as deduction
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